The lowest beef cow inventory since 1962: Weekly Livestock Market Update for 2/3/23
In this Weekly Livestock Market Update, Scott and Meghan talk about the markets, Restaurant Performance Index, jobs, the lowest beef cow inventroy since 1962, and more.
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- This week in the markets – Live fed cattle prices were up $1.80 on the week and feeder cattle prices were generally higher but too lightly tested given weather conditions in some parts of cattle country. April live cattle were up $3.25. March feeder cattle were up $2.40. Choice box beef was down $3.30 this week. Cash hogs were unchanged this week. April lean hog futures were unchanged on the week. Pork cutout values were up $0.08 this week.
- Weekly Slaughter Numbers - At the end of the week, cattle slaughter was 641,000 head, down 18,000 on the week and up 6,000 for the year. Hog slaughter was 2.575 million head, that’s up 39,000 from the previous week and up 139,000 on the year given last year’s severe cold spell.
- Restaurant Performance Index - Increased 0.7% in December. That was on both stronger current situation as well as a stronger expectations component. Same-store sales were up 0.9% for the month.
- Jobs - We added 517,000 jobs in January, well above pre-report expectations. The unemployment dipped to 3.4%, a 53-year low.
- Cattle Inventory - The lowest beef cow inventory since 1962. Less than 29 million head of beef cows. Heifers kept for breeding down nearly 6%. More beef cows were lost in the drought states than the rest of the country combined. (KS, OK, NE, MT, ND, SD)
- Next Week’s Reports - Farm income, WASDE, Monthly Trade Data, Consumer Sentiment
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